Business
Cleric Advocates Death Sentence On Treasury Looters
Worried by the spate of distortion on the economic development of Niger Delta and indeed Nigeria, which he claimed is orchestrated by public office holders who looted the public treasury, that has affected economic development, a clergyman, Rev. (Dr) Mike Wokoma Yeshua has proposed death sentence for any public officer that will loot the public funds.
Presenting a paper titled, servant leader indeed, at the 10 International Conference on the Niger Delta, with the theme “strengthening transparency and accountability,” organised by the Rivers Economic Development Forum (REDEF) in Port Harcourt, Rev Wokoma expressed dissatisfaction over the low level of economic development in Nigeria, particularly in the Niger Delta region.
He said corrupt officers that do not perform and standing as a hinderance to the economic development of the people should be sacked without pay and any one that will loot the treasury that will be used for our economic development should be sentenced to death so as to serve as a deterrent to others.
The clergyman posited that Nigerians are good followers, but what is needed is a servant leader indeed, which he said will bring about the desired development that the people needed most.
According to him, the people of the Niger Delta region have suffered remarkable neglect for so long , inspite of the abundant resources that is available, but regretted that such has not been translated in to real development in the region.
He also urged government to establish a forum for the people of the region to voice out dissent on controversial issues in the society, pointing out that a servant leader defines and execute the business strategy within his domain.
Rev. Wokoma who was the former Community Relations Manager of Elf Petroleum Limited said “as a community relations manager, I did something that is remarkable and the future generation will know about what I have done in these communities.”
As a clergyman, Yeshua called for a change of heart of the people and national repentance/solemn assembly, pointing out that the problem of Nigeria is beyond the physical, and that any people that reject God can never proper.
He explained further that he has used even his small God-given position and resources as the president of Global Redemption outreach in Port Harcourt, to establish a skills acquisition centre where young people are trained and empowered on various skills such as GSM repairs computer studies, photography/video, electronics/electrical serving, hat making, fashion design, baking and confectionary, interlocking design, home economics and management, as well as interior decoration.
Earlier in his address, the president of REDEF, Austin Monday highlighted the synopsis of the organisation which he said is an assemblage of distinguished Rivers people that came together with the main objective of opening up our rural communities and empowering the people economically.
He said that the idea was driven by the desire that Rivers person, given equal opportunity, will excel in all human endeavours. The Rivers Economic Development Forum (REDEF), he said, came into existence on 30th November 1997 at the Conference Hall of NNPC in Moscow Road, Port Harcourt, and is a non governmental, non-profit organisation.
The mission of REDEF is to redefine the economic, social and poltical relevance of the people of Rivers State which is commonly referred to as “a macrocosm that is very complex of diverse language groups, culture with a very common racial identity.” Membership into the forum is controlled by academic qualification of at least a first degree in any discipline, and membership is non political.
Corlins Walter
The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.
In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.
However, with time, the need has arisen to streamline these provisions to reflect present-day realities.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.
“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.
According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.
Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.
They must also create separate accounts to warehouse processing charges collected on excess withdrawals.
Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.
However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.
The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says Nigeria risks massive brain drain in the oil and gas sector due to poor remuneration.
Mr Festus Osifo, President of PENGASSAN, said this while briefing newsmen at the end of the National Executive Council (NEC) meeting of the union on Thursday in Abuja.
He said the sector was facing challenges arising from Naira devaluation and inflation, noting that, oil and gas skills remained globally competitive.
“A drilling engineer in Nigeria does the same job as one in the U.S. or Abu Dhabi,” he said.
Osifo said the union must take steps to bridge the wage gap to prevent members from leaving the country for better opportunities abroad.
“If we don’t act, the brain drain seen in other sectors will be child’s play,” he said.
He said PENGASSAN had recorded significant gains through collective bargaining across oil and gas branches.
“We signed numerous agreements across government agencies, IOCs, service and marketing sectors,” he said.
He said the agreements brought relief to members facing rising costs of living, adding that, the association’s duty is to protect members’ jobs and enhance their pay.
Osifo urged companies delaying salary reviews and those foot-dragging as a result of the prevailing economic realities, to do the needful.
He said the industry employed some of the nation’s best talents, making competitive pay critical to retaining skilled workers.
“This industry recruits the best. Companies must provide the best conditions,” he said.
On insecurity, Osifo urged government to take decisive action against terrorism and kidnappings across the country.
“We are tired of condemnations. government must expose sponsors and protect citizens,” he said.
He urged government at all levels to prioritise tackling insecurity through better funding and equipment for security agencies.
Osifo said PENGASSAN supported calls for state police to improve local security response, adding that decentralising policing will protect citizens better than rhetoric.
He also said economic indicators meant little, if food prices remained high and farmers could not return to farms due to insecurity.
“Nigerians want to see food on the table, not macroeconomic figures,” he said.
He urged government to coordinate fiscal and monetary policies to ensure economic gains reach households.
“Translate macro results to food on the table,” he said.
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